Terms Everyone Interested in NFT Should Know: What is Minting, Gass Fee and Pre-sale?

14oo...TS2Q

18 Jan 2024

NFTs have now completely taken their place in our lives. So what do the terms we often hear about NFTs mean?

NFTs; It has a place in our lives with areas such as games, metaverse universes, virtual stores, which increase their popularity day by day, and the popularity of NFTs is increasing day by day. This naturally increases the interest of cryptocurrency investors in NFTs. Not only cryptocurrency investors, but everyone has the question of whether they should invest, too.

If we were to make a list of NFT terms:

NFT Collection
Skeleton
Pre-sale
NFT Mint
Whitelist
Gas Fee

We can sort it as follows.

Note: This content is produced for informational purposes. It does not contain any investment advice.

What is NFT Collection and Skeleton?

NFT developers create a drawing that we call a skeleton, which is actually the most basic building block of an NFT collection, which can sometimes be a shape or sometimes a character. Then, they obtain different NFT pieces by making changes to this character or skeleton shape. This becomes an NFT collection with NFT pieces built on the same skeleton. For example, the skeleton of the BAYC NFT collection is a monkey drawing. Each NFT piece created by making various arrangements on this monkey drawing forms a part of the BAYC NFT collection.

What is Pre-sale in NFT Projects?

NFTs can be bought and sold on relevant exchanges after the creation, pre-sale and public sale stages. The stage we call pre-sale means pre-sale. Each NFT piece in the project can be pre-sold to people who meet certain conditions before being sold publicly.

What is NFT Minting?

NFT minting is actually the name given to the entire process of turning a drawing, a work of art or music into an NFT. There are very easy methods to mint NFTs on NFT exchanges such as OpenSea. First of all, you need to choose an image, sound or gif that you want to convert into NFT and upload it to the platform. Afterwards, the platforms guide you on issues such as sales price and copyright. In essence, it is a much easier process than doing any online shopping.

Finally, What are the Concepts of Whitelist Privilege and Gas Fee?

Project owners determine a whitelist for minting in pre-sale. In this whitelist, project owners can organize minting activities with their closest friends or with a pool of people created by filling out a specific form. If desired, a public minting event can also be organized. In this event, users initiate the minting process and a collection begins to be created with the resulting NFTs. Before these transactions, it is necessary to connect the Metamask wallet to the website of the relevant NFT seller.

The most important thing to pay attention to here is the gas fee. The gas fee, that is, the transaction fee, increases depending on the density in the network where the NFT collection is located, and if there is density in the relevant network during the mint event, the gas fee increases accordingly and may cause a gas fee payment that is more than the value of the NFT.